The investor wealth surged by Rs 1.76 lakh crore on Monday as benchmark stock market indices rose to fresh record highs.
The investor wealth surged by Rs 1.76 lakh crore on Monday as benchmark stock market indices rose to fresh record highs. Sensex rose 553.42 points or 1.39 per cent to close at 40,267.62, while Nifty climbed 165.75 points, or 1.39 per cent, to end at 12,088.55. The 30-share index rose 594.7 points to 40,308.90, its lifetime peak, during the trade. The market capitalisation of companies listed on the BSE climbed Rs 1,76,402.37 crore to Rs 1,56,14,416.92 crore.
The stock market rallied led by gains in auto, FMCG, IT and realty scrips on account of expected rate cut by the RBI and rise in demand from the domestic sectors, the experts said. The investors lapped up for stocks amid expectations of rate cut after dismal GDP print for the fourth quarter of the FY19. RBI monetary policy committee (MPC) meeting began today and the announcement is slated to be done on Thursday. A rate cut this time would be the third in a row this year by the central bank.
The fall in the prices of crude oil and and expectation of good budget from the new government is keeping market setiment on a strong note, Siddharth Sedani, Vice President- Equity Advisory, Anand Rathi Shares and Stock Brokers said. “The market seems in strong footing. Heavyweights like RIL and HDFC twins and Financial stocks are keeping the market Northward,” he added.
Top Sensex gainers include Hero MotoCorp, Bajaj Auto, Asian Paints, IndusInd Bank, HUL, Maruti, Coal India, HDFC twins, RIL and TCS, rallying up to 5 per cent. Hero Motocorp, Bajaj Auto, Asian Paints, Indiabulls Housing, TCS, HCL Technologies, Reliance Industries, were among the leading gainers on Nifty50. Hero MotoCorp advanced about 6 per cent and was the top gainer on both indexes. The Nifty Auto index rose over 2 per cent. Meanwhile, the rupee ended at 69.26 per US dollar as against Friday’s close of 69.87 per US dollar.